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Taxes in Retirement

Bob Carlson of Retirement Watch on how to manage your taxes and planning strategies to pay less

Found 432 Articles.
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irs-pursues-non-filers-of-estate-and-gift-tax-returns

IRS Pursues Non-Filers of Estate and Gift Tax Returns

September 1, 2006

The IRS believes that nonfilers of estate and gift tax returns are a major cause of the “tax gap” between taxes legally owed and those actually paid. From 1995 to 2000, estate tax returns filed increased from 86,000 to over 123,000. In 2004, only 74,000 estate tax returns were filed. The IRS is undertaking a […]

tax law

New Tax Law Affects Pensions, Charities

September 1, 2006

In late July, Congress passed the most comprehensive changes in decades to retirement plans and also made it easier to make charitable gifts with retirement accounts. Most of the law is directed at the old-style defined benefit plans that pay a guaranteed income for life. Congress became concerned that too many employers were not properly […]

avoid-costly-ira-mistakes

How To Avoid Costly IRA Mistakes

August 1, 2006

Though set up to help regular people save, IRAs are fraught with complicated tax rules. Missteps can be made without the owner knowing it until it is too late to correct the problem. The result often is higher taxes and penalties. Sometimes the result is reduced IRA options. Here are some little-known but very common […]

how-to-beat-the-alternative-minimum-tax

How to Beat the Alternative Minimum Tax (AMT)

July 1, 2006

The Alternative Minimum Tax (AMT) is trapping more taxpayers than ever. Created to ensure that the wealthiest taxpayers pay some income tax regardless of the tax breaks they use, the AMT now ensnares many middle class taxpayers. A taxpayer first computes regular taxable income, then adds back a number of tax breaks. After subtracting an […]

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tax-cuts-and-tax-increases

Tax Cuts and Tax Increases

July 1, 2006

A new tax law passed Congress just before Memorial Day. It contains important tax breaks and tax increases for investors and others. We gave the highlights last month. In this month’s visit we will delve into more details of the newly-enacted law, known as Tax Increase Prevention and Reconciliation Act of 2006. The major provision […]

how-to-shield-home-sale-gains-from-taxes

How to Shield Home Sale Gains from Taxes

June 1, 2006

Rising home prices raise a tax problem that many people have not worried about for years. To avoid paying high taxes on gains from home sales, home sellers need to keep track of the tax basis of their residences. Long-time homeowners, especially on the coasts and resort areas, have substantial home equity. The tax law […]

new-tax-law-enacted

New Tax Law Enacted

June 1, 2006

As we went to press, Congress was wrapping up a new tax law. The law has important provisions for investors. The key provision is that the 15% tax rate on dividends and long-term capital gains is extended through 2009. Congress still could not make the rates permanent, but at least got them past the next […]

how-planned-disclaimers-can-improve-an-estate-plan

How Planned Disclaimers Can Improve an Estate Plan

June 1, 2006

A key to successful Estate Planning these days is flexibility. Scheduled changes in the federal estate tax, and the possibility of additional changes, make flexibility essential. In past visits we have discussed language that can be included in wills to increase flexibility. Another tool to make available to your heirs is the disclaimer. Normally, disclaimers […]

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